According to recent reports, rideshare business is picking up again. As States begin to reopen, could the worst be over for Uber and Lyft?
Take look at the video and transcript below to see the latest numbers. And see how we feel about drivers getting back on the road!
Ride Volume is Increasing..But Still Down
Lyft just reported that overall rides in May increased 26% versus April, and rideshare rides increased week over week for seven consecutive weeks. They also said specifically, rideshare rides for May over April are up 73% in Denver, 42% in New York city and 40% in Seattle.
However, Lyft does acknowledge that rides are down 70% compared to a year ago. The rides are up April versus may this year, but they’re down a whopping 70% compared to last year.
And recently Uber’s CEO also noted a gradual increase in trip requests throughout May. Most notably, he revealed that Hong Kong has already recovered over 80% since it’s pandemic driven lows. So if we see this is happening in Hong Kong, as they’re beginning to open back up fully, we could see the same happening in the United States as we begin to open back up.
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Ride Volume Increasing Can Be Expected as States Open Back Up
So overall, and this can kind of be expected as these States open back up. Rideshare business is beginning to grow. There is business out there. We surveyed those drivers that are still driving in early may. And more than half of them said earnings were either normal or higher than pre pandemic times.
So how could earnings be the same or higher? It’s because the driver pool has been drastically reduced. A lot of drivers are still not out there driving again. And we recently interviewed a driver in Phoenix and he shared screenshots with us showing over $4,000 earned from May 18th to May 24th. Granted he was online for over 80 hours, but that’s still averages out to be about $50 an hour.
Should You Get Back on the Road?
For those of you that are still not driving, but are contemplating getting back out there, this is good news. Does this convince you enough to want to get back out there?
I’m sure all of you have heard that masks are now required to be worn by drivers and passengers in all rides. There are also a lot of drivers that are taking matters into their own hands. They’re posting signs in their car, sharing with passengers that they’re keeping the vehicle clean and disinfected.
We’re probably not going to see the pre pandemic demand anytime soon again, but that gradual increase is a good sign. So for those of you that aren’t driving, are you contemplating getting back out there?
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